Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.010%

Price spread now: Phemex against Arcus+0.145%7-day average +0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$750.751% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now +0.145%, 7d avg +0.177%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.032% cheaper against Arcus than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.177%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus QQQ-USD	743.47	0.0040	pay 0.0005% / 1h	51m 09s	$705K	$1.6M	25x
Short	Phemex QQQUSDT	744.55	0	get 0.0000% / 8h	5h 51m	$360K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ArcusbpFee PhemexbpOrdersPrice spread, now +0.145%Rate

Funding earned: −$8.46
Price spread: +0.145% → +0.177%: −$3.17
Slippage, 4 orders: −$58.55
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$86.68
Costs to cover: 0.751%
Break-even: never at this rate

Slippage from Arcus: live order book, 3 min ago; Phemex: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Arcus live order book, 3 min ago	0.07 bp	4.5 bp −$5	8.4 bp −$84	27.6 bp −$2,762	doesn't fit
Sell Phemex live order book, 2 min ago	1.81 bp	30.7 bp −$31	doesn't fit	doesn't fit	doesn't fit

QQQ on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX QQQ/USD [ETH-USDC]	L −0.0106% / S +0.0210%	1h	744.34	+0.116%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	744.35	+0.119%	$841K	$713K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.41	+0.126%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.24	+0.104%	$21.7M	$26.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	744.41	+0.127%	$5.4M	$7.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.97	+0.067%	$3.3M	$20.4M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.46	+0.133%	$16.9M	$5.8M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.78	+0.176%	$2K	$2.0M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.68	+0.163%	$257K	$29K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	744.55	+0.145%	$360K	$1.4M	10x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX QQQUSDC	+0.0005%	4h	744.28	+0.109%	$761K	$334K	20x	as long as short
Ondo Perps QQQ-USD.P	+0.0015%	1h	743.42	−0.007%	$4.2M	$1.9M	20x	as long as short
Lighter QQQ	+0.0032%	1h	744.14	+0.090%	$7.7M	$17.1M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.54	+0.144%	$37.3M	$78.4M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0032%	1h	743.88	+0.055%	$1.2M	$532K	20x	as long as short
Arcus QQQ-USDlong	+0.0040%	1h	743.47	long leg	$705K	$1.6M	25x
Vest QQQ-USD-PERP	+0.0046%	1h	745.29	+0.245%	—	$337K	50x	as long as short
Variational Omni QQQ	+0.0052%	8h	744.38	+0.123%	$17.1M	$7.5M	—	as long as short
Binance QQQUSDT	+0.0075%	8h	744.35	+0.118%	$71.2M	$144.5M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.06	+0.079%	$3.4M	$414K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.99	+0.070%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.07	+0.081%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.56	+0.012%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0116%	1h	743.96	+0.066%	$1.5M	$924K	20x	as long as short
Phoenix QQQ	+0.0161%	1h	743.99	+0.070%	$38K	$66K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0169%	8h	744.51	+0.139%	$322K	$1.9M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0234%	1h	744.19	+0.097%	$425K	$149K	20x	as long as short